Respondent determined a deficiency in income tax for 1944 in the amount of $20,625.90. The remaining question, an issue relating to a net operating loss deduction having been abandoned at trial, is whether petitioner is taxable on $63,706.74 which was paid to its sole stockholder.
FINDINGS OF FACT.
Petitioner, a Delaware corporation, organized in 1936 for the purpose of engaging in the shipping business, has its principal office and place of business in...
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